It is hard to imagine why shareholders would cheer when a company overpays for an asset. On Tuesday, Hong Kong and China-listed communications equipment maker ZTE said it had earmarked up to $160m for a share buy-back. The (China-listed) A shares opened 10 per cent higher — the maximum upside limit — while the (Hong Kong-listed) H shares opened 31 per cent higher.
当一家公司为某项资产支付过高的价钱时，很难想象股东怎么会感到高兴。周二，在香港和内地两地上市的通信设备制造商中兴通讯(ZTE)表示，已划拨至多1.6亿美元进行股票回购。（在内地上市的）A股开盘上涨10%，达到单日涨幅上限；在（香港上市的）H股开盘上涨了31%。
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